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Financial Planning / Tax Strategies
|Subject: Re: alimony/spousal support||Date: 11/10/1999 8:06 PM|
|Author: ptheland||Number: 20892 of 125707|
Some other factors to consider: <snip>
All good points, foolishtomtom. Just one clarification:
d) Make sure Judge specifies who gets to deduct which child(ren) on their tax return. This can avoid nasty situations later if same child gets deducted on two tax returns - just work out in advance how this will get handled.
The IRS is going to ask you to jump through some hoops on this one. For recent divorces (the last several years - I don't have the exact dates with me) the parent with custody of the children is entitled to the exemption regardless of what the decree says. To give the non-custodial parent the exemption, the custodial parent needs to sign a form (whose number escapes the leaking memory) and give it to the non-custodial parent. If this situation applies to you, your best bet is to get the form signed while the ink is still wet on the decree.
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